The impact of Blockchain, Open Banking, Mobile Money and Payment innovations are radically transforming the financial services landscape as FinTech disruptors intensify the challenge to incumbent banks and kickstart new opportunities in Kenya
Africa’s financial sector is in the midst of an exciting and profound transformation. The rapid growth of FinTech on the continent is driving the disruption and, in many cases, leapfrogging of legacy systems as innovators accelerate the digital transformation of financial services across Africa. This has further spurred the leading incumbent banks in Africa to more rapidly ramp-up their own innovative approaches to meet the financial needs of under-served markets across the continent.
FinTech players are increasingly becoming an important part of the fabric of Africa’s financial services industry. In addition, the leading banks on the continent are now harnessing innovative technology and are also collaborating with FinTech start-ups to better connect with under-served consumers, improve financial inclusion and provide a platform to scale much faster.
The hugely successful events in our Finnovation Africa Series hosted in Uganda and Ethiopia during 2017 saw more than 500 thought leaders, FinTech pioneers and bankers representing the foremost financial institutions from across the continent gather to address how FinTech can contribute to the positive and profitable transformation of financial services in Africa.Against this dynamic backdrop, Ethico Live! is now excited to announce the expansion of the series with the launch of Finnovation Africa: Kenya 2018, which will be held on the 31st of May 2018 at the Radisson BluNairobi. The event will seek to harness the FinTech revolution to boost strategic economic priorities such as financial inclusion and deepening – and how FinTech can make a positive and profitable difference in Africa.
With a focus on the most significant technologies driving the financial services paradigm shift, including Blockchain & Bitcoin, Open Banking & APIs, Payment innovations,and Mobile Money& Digital Wallets, FinnovationKenya 2018also features a number of innovative sessions such as The Wolves’ Den,Silicon Savannah: Tales of Financial and Technology Start-ups in Kenya,Founder’s PainPoints, Inside the Investor’s Mind,and live-on-stage interviews with international Finnovatorsand African FinTech pioneers.
Speaking at the announcement of the launch of FinnovationKenya 2018, David McLean, President of Ethico Live, said that: “FinTech holds a particularly powerful promise for Africa especially as an enabler of key strategic priorities, such as financial inclusion and deepening. The impact of new disruptive financial technologies is well placed to be genuinely socially useful, meaningfully improving how ordinary people engage with financial services and therefore deliver broader-based positive economic outcomes across the continent. FinTech also sets the bar higher for incumbent banks in terms of their own innovation agendas as the
leading banks internationally and in Africa seek to make digital profitable and explore collaboration opportunities with FinTech trail-blazers. We are very excited to be bringing Finnovation to the well-established and high-growth Kenyan market and look forward to progressing discussions on the digital transformation of financial services in Africa.”
Chris Principe, international FinTech thought leader, shared some persuasive insights while speaking on the sidelines of the Finnovation Africa Series: “A very positive story, if one that is not yet well understood, is unfolding in Africa. New technology, new ideas and new business models are producing new opportunities. The distinctions between telecom services providers, payments services providers and financial institutions are breaking down. In virtually all African countries, there are sufficient numbers of mobile phones ‐ which are not necessarily smartphones ‐ for previously unbanked people to have access to high quality financial services at low cost. Innovative companies are using Blockchain technology and crypto‐currencies to resolve fundamental problems such as lack of access to electricity and lack of access to global financial markets. Finnovation Africa highlights how FinTech is transforming Africa for the better, facilitating payments, boosting financial inclusion and developing new enterprises. However, the conference does much more than that, as it engages key stakeholders to reveal how the entire world is changing. In many ways, Africa is a FinTech leader, rather than a follower.”
Combining a highly innovative and interactive event format with world‐class speakers and more than 300 carefully selected participants, Finnovation Africa: Kenya 2018will take place at the Radisson Blu Nairobi on the 31stof May 2018andwill tackle the most pressing questions for the progress of FinTech in Africa, providing a platform for all stakeholders to engage in creating the future of ﬁnancial services on the continent – from established banking powerhouses to FinTech start‐ups.